PayPal on watch amid layoffs rumors

Investing.com -- PayPal Holdings is on watch Monday following reports of workforce cuts, though the company has not issued an official statement on the matter.

Discussion about potential layoffs at the payment processing company appeared on anonymous workplace forums including Blind and TheLayoff.

Reports indicate layoffs at PayPal are occurring in stages, beginning with the Asia-Pacific region in India, followed by meetings with affected employees in Europe, the Middle East, and Africa earlier Monday.

When reached for comment, PayPal spokesperson said: "The proposed staffing changes are part of our previously announced multi-year transformation to simplify our global operations, strengthen execution, and position the company for long-term growth. Decisions like these are never easy. We recognize the impact they have on our employees and are committed to supporting them through this transition."

The Journal in Ireland reported Monday that 164 employees based in Ireland will be made redundant. Sinn Féin TD Ruairí Ó Murchú said a PayPal spokesperson informed him that 164 positions will be eliminated, representing nearly 12% of the company's Irish workforce.

PayPal employs 1,380 people on a full-time basis in Ireland.

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